October 11, 2012
Ryerson Inc. closes on its offering of $600 million aggregate principal amount of 9% Senior Secured Notes due 2017 and $300 million aggregate principal amount of 11¼% Senior Notes due 2018.
On October 10, Willkie client Ryerson Inc., a Platinum Equity portfolio company, closed on its offering of $600 million aggregate principal amount of 9% Senior Secured Notes due 2017 and $300 million aggregate principal amount of 11¼% Senior Notes due 2018. The gross proceeds from the notes offering were used to (i) to repay in full Ryerson Holding Corporation’s outstanding 14 1/2% Senior Discount Notes due 2015, (ii) to repay in full the Ryerson Inc.’s outstanding Floating Rate Senior Secured Notes due November 1, 2014 and Ryerson Inc.’s outstanding 12% Senior Secured Notes due November 1, 2015, (iii) to repay outstanding indebtedness under the Ryerson Inc.’s senior secured asset-based revolving credit facility and (iv) to pay related fees, expenses and premiums. The Notes were repaid through the early settlement of tender offers (and related consent solicitations) and the satisfaction and discharge of any remaining notes.
Willkie had represented Platinum and Ryerson in connection with the offerings of Notes being repaid. Ryerson, together with its subsidiaries, is a leading North American processor and distributor of metals, with operations in the United States, Canada and China. The company distributes and processes various kinds of metals, including stainless and carbon steel and aluminum products.
The deal was led by partners Cristopher Greer and William Hiller and associates Jeffery Fang, Howard Block, Joseph Antignani and Greg LeSaint. Partner Christopher Peters, special counsel Cindy Chernuchin and associates Elliot Rishty, Sean Zoltek, DJ Stauber, Laura Franklin and Edward Dix assisted on the transaction.
